The Federal Acquisition Regulation (FAR) is a set of rules that governs how the U.S. federal government purchases goods and services. It provides guidelines for federal agencies to ensure that procurement processes are fair, transparent, and efficient. The FAR aims to promote competition and ensure that taxpayer dollars are spent wisely. FAR applies to all federal agencies and their contractors, establishing standards for contract management, bidding, and performance. It covers various aspects of procurement, including contract types, pricing, and compliance. By following the FAR, agencies can achieve their goals while maintaining accountability and integrity in government spending.